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Hefty fines for Deutsche Bank, Capitec

Feb 20 2015 11:42

Deutsche Bank (File, AP)

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Update: This article has been updated with Capitec's response.

Johannesburg - South Africa has fined Germany's Deutsche Bank R10m ($857 743) for not having appropriate anti-money laundering measures, the central bank said on Friday.

The central bank also said in a statement that it fined a local bank Capitec Bank [JSE:CPI] R5m for failing to comply with security laws.

Under the law, banks are required to have verifiable customer identity details and to also report cash transactions above R25 000 to the Financial Intelligence Centre (Fica), which fights the funding of terrorism.

Deutsche confirmed in a statement that it did not fully comply with law.

Capitec, which failed to report cash transactions above R25 000, said in a statement due to an oversight in Fica reporting, Capitec Bank did not comply with the cash threshold reporting requirements outlined in Fica.

It had however resolved the Fica error.

"The error was detected by the compliance department of Capitec Bank and reported to the Reserve Bank. It was corrected immediately and all outstanding information submitted to the Financial Intelligence Centre."

Capitec confirmed  that an administrative sanction was imposed on principle by the Reserve Bank in the form of a R5m penalty.

CEO Gerrie Fourie said it was an error in reporting and "the bank fully understood the need for the Reserve Bank ruling".
“We support the objectives of Fica and in no way facilitated any form of money laundering. We have also not prejudiced any client in any manner,” the bank said.

capitec  |  deutsche bank  |  banks


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